The sustained applause that greeted Joe Cole's introduction as a substitute during Liverpool's victory at West Ham United last month would have told him how highly regarded he still is at Upton Park and perhaps reminded a player who was once English football's great white hope what it is like to be loved after his disastrous spell at Anfield. Cole would score Liverpool's second goal in that match but demonstrated the affection West Ham supporters feel for him is mutual by not celebrating.

Although there was an opportunity for a reunion with his first manager, Harry Redknapp, at Queens Park Rangers, the chance to rejoin his boyhood club seems like the perfect fit. Even if they do say you should never go back. So almost 10 years after leaving for Chelsea for £6m following West Ham's relegation under Glenn Roeder in 2003, the favourite son is returning and it has been a long time coming.

The longing for Cole to return has persisted ever since his departure and, if nothing else, this is a populist signing that West Ham need to get out of their system. And so here he is: older, wiser but not necessarily better, too many injuries preventing him from maintaining the form that made him such a threat for Chelsea.

Cole was part of the Tony Carr production line that included Rio Ferdinand, Frank Lampard, Michael Carrick, Glen Johnson and Jermain Defoe, and he was by far the most hyped. For Cole, the limelight was blinding. A year before he had even made his professional debut, Redknapp was writing about him in his programme notes, dismissing reports linking a 16-year-old boy with Manchester United, and on his 17th birthday Cole signed his first professional contract on the pitch at Upton Park before a game against Chelsea. The date was 8 November 1998. "You can tell your grandchildren you were here when Joe Cole signed," said the pitch announcer, Jeremy Nicholas. No pressure, kid.

The other youngsters were all appreciated but none were as adored as much as Cole. He was not Joe Cole, he was Joey Cole. He made his debut in January 1999, coming off the bench in the third round of the FA Cup against Swansea City and a week later he made his first appearance in the league in a 4-1 defeat against United at Old Trafford, where he grabbed the attention with his fearlessness, showing off the flicks and tricks that define him.

Yet as much as he had the crowd on their feet when the ball was at his, there was also a feeling that a lack of football intelligence and tactical discipline meant he did not make the most of his talent at West Ham. Despite Redknapp playing Cole behind two strikers, his end-product often left much to be desired; there were not enough assists and he only scored 13 goals in his five years with the club.

Cole ended up playing some of the best football of his career when Roeder made him West Ham's captain in December 2002 – he was only 21 – and moved him to a deeper midfield role. The player flourished but, despite his manic efforts, West Ham still went down at the end of that season, unable to reel in Sam Allardyce's Bolton Wanderers side.

Ten years later, Allardyce is his manager. With funds freed up by Yossi Benayoun heading back to Chelsea after an unsuccessful loan move, Cole's arrival seems to make perfect sense as Allardyce, who prolonged the careers of Jay-Jay Okocha and Youri Djorkaeff at Bolton, strives to add more class and creativity to his squad. However, while Cole will be given a hero's welcome, there is a sense of foreboding after his miserable spell at Liverpool – which included a year on loan at Lille – who are so desperate to get the 31-year-old off their wage bill that they are willing to write off the rest of his contract. He has looked out of shape and out of puff this season, featuring only 10 times.

There is also uncertainty over where Cole fits in. Before he joined Liverpool on a free transfer from Chelsea in 2010, it is understood he felt a succession of serious knee injuries meant he no longer had the pace to play on the wing, but although Roy Hodgson gave him the central role he wanted, his impact was minimal and supporters quickly turned against him. At West Ham the role behind the striker is Kevin Nolan's and Allardyce's captain is undroppable. Cole might have no choice other than to play wide, where he will face stiff competition for a starting place from Matt Jarvis and Ricardo Vaz Te.

Expectations might be low. Cole is not a teenager any more and, to some observers, he is a busted flush. Time has not been kind to the boy wonder who became yesterday's man, yet while he will never recapture the glory of his youth, it is bound to be an emotional occasion when he steps out on to the Upton Park pitch again. West Ham will hope the romance can trump the reality.